400Requirement for guarantee

400 Requirement for guarantee (1) For the purposes of section 399(2), the guarantee that must be provided to the Authority is a guarantee that— (a) is given by an ADI to or in favour of the Authority; and (b) is in a form approved by the Authority; and (c) guarantees payment of an amount not less than one and one-half times the amount of the assessed tail claim liability of the employer or the eligible subsidiary, as the case may be. S. 400(2) amended by No. 44/2014 s. 24(19). (2) For the purposes of subsection (1)(c), the assessed tail claim liability of an employer or eligible subsidiary is the actuarial value of the current, non-current and contingent liabilities of the employer or the eligible subsidiary in respect of tail claims under this Act. (3) For the purposes of subsection (2), an assessment of the tail claim liability of the employer or eligible subsidiary must be carried out by an actuary approved by the Authority under guidelines made by the Authority in accordance with section 410 at intervals of not more than one year. (4) For the purposes of an assessment under subsection (3), the employer must— (a) make provision in its accounts for current, non-current and contingent tail claim liabilities; and (b) permit an actuary appointed by the Authority to inspect the books of the employer.